The grey market premium (GMP) of Millworks Technologies SME IPO has surged to ₹395, with latest reports indicating a GMP of ₹395 per share on Monday morning, representing a significant increase from the ₹331 per share recorded on July 13. According to Business Standard, the company's shares are commanding an impressive 119.34% premium over the upper price band of ₹331 per share, indicating exceptional market confidence ahead of the July 14 launch. The strong grey market sentiment reflects robust investor interest following the issue announcement, with the premium indicating exceptional market confidence exceeding the regulatory cap of 90% for SME IPOs. The GMP suggests the stock could list at ₹726 on the BSE SME, representing a premium of 119% over the issue price. The strong grey market sentiment reflects robust investor interest following the issue announcement, with the premium indicating exceptional market confidence exceeding the regulatory cap of 90% for SME IPOs.
The Rs 160.34 crore IPO will open for public subscription on July 14 and close on July 16, with a price band fixed at ₹315-331 per share. The shares are scheduled to be listed on the BSE SME platform on July 21, providing investors with a clear timeline for potential returns. As per Business Standard, the issue comprises an entirely fresh issue of 4.8 million equity shares with no offer for sale (OFS) component, with the company aiming to raise ₹160.34 crore at the upper end of the price band. The shares are available in lot size of 400 shares, with retail investors required to apply for a minimum of two lots (800 shares), necessitating an investment of ₹2,64,800 at the upper price band. Purva Sharegistry (India) serves as the registrar for the IPO, while GYR Capital Advisors has been appointed as the book-running lead manager. The basis of allotment is expected to be finalised on Friday, July 17, 2026, with shares likely to be credited to demat accounts by Monday, July 20, 2026.
Millworks Technologies has demonstrated remarkable financial growth over the past two years, with revenue of ₹148.8 crore in FY26 and net profit of ₹37.1 crore, representing a more than seven-fold rise from ₹5.2 crore in the previous financial year. As reported by Moneycontrol, the company posted EBITDA of ₹56.30 crore during FY26, demonstrating strong operational efficiency. The company had already delivered robust growth in FY25, with profit nearly tripling and revenue more than doubling over FY24. For FY26, revenue from operations was ₹148.77 crore, of which 27.47% was derived from exports to customers located in 9 countries, including Canada, the US, Israel, Germany, France, Macedonia, Italy, the United Kingdom, and the Czech Republic. The strong financial performance continues to attract investor interest and supports the premium valuation in the grey market, with the company's growth trajectory positioning it well for the upcoming public listing.
Bengaluru-based Millworks Technologies, established in 2021, is a leading precision engineering company engaged in manufacturing high-accuracy machined components, sheet metal parts, sub-assemblies, and integrated assemblies under Build-to-Print (BTP) and Build-to-Spec (BTS) engagement models. The company caters to highly regulated and mission-critical industries, including aerospace, defence, railways, metro rail, drone and semiconductor sectors, delivering products that meet stringent Original Equipment Manufacturer (OEM) specifications. As per the Red Herring Prospectus, "Our operations are undertaken under build-to-print (BTP) and build-to-spec (BTS) engagement models and include both full-scope manufacturing as well as job-work arrangements." Under the BTP model, manufacturing is carried out in accordance with customer-provided drawings and technical specifications, while under the BTS model, customers specify functional and performance requirements and the company undertakes manufacturing to meet such specifications. The company operates four manufacturing facilities and supplies components and assemblies to original equipment manufacturers across the aerospace, defence, railways, metro rail, drone and semiconductor sectors.
The company plans to utilise ₹61.03 crore from the IPO towards the purchase of plant and machinery, ₹81.50 crore for working capital requirements and the balance for general corporate purposes. This strategic allocation demonstrates the company's focus on expanding manufacturing capabilities and strengthening operational infrastructure to support its growth trajectory in the precision engineering sector. The funding capital expenditure represents 38.06% of the estimated amount, while working capital requirements account for 50.83% of the total IPO proceeds. The equity share allocation includes 22,09,200 shares for Qualified Institutional Buyers (QIBs), 6,63,600 for Non-Institutional Investors (NIIs), 15,47,200 for Retail Individual Investors (RIIs), and 4,24,000 for Market Makers to ensure liquidity post-listing. However, investors should note that gains for SME IPOs are capped at 90% according to regulatory guidelines, though the current GMP of 120% suggests strong market confidence exceeding this limit.
